When talking about internet success stories, its hard not to mention the incredible achievements of the online gambling world. It’s an industry that has managed to defy all odds and adapt accordingly to survive some of the biggest changes that have impacted the world’s economy. Where others shied away from taking their business online and evolving to this digital age, the gambling industry made it a priority and lived to reap the benefits of its foresight. The business took the industry by the storm and has recently grown to new heights in Canada as new casinos for Canadian players continue to sprout up all the time.
Below, we’ll analyse the industry’s rise and follow its impressive journey to becoming one of the biggest businesses on the net.
Building an online empire
Before the internet entered its commercial era, gambling had to reserved to land-based buildings. Although some might argue that a land-based casino gives an experience unlike any online casino, the very nature of a land-based establishment limited the business’ reach and limited the number of people who could play. So, it comes as no surprise that the industry saw the net’s global reach as a means to widen its market.
As soon as safe online transactions became a thing, the gambling business took to establishing its online empire. The first venture into the space came from the Liechtenstein International Lottery that went online in October of 1994. The rest of the decade saw the space grow in size and profit. With these newly opened borders, the industry could capitalise on the massive number of online players. By 1998, the online industry has already reached $380 million in revenue for that year alone, according to a report by Frost & Sullivan. The growth never ceased, despite efforts to restrict the online gambling space and by 2001 the estimated number of online gamblers rose to an incredible 8 million players.
Across the next couple of decades, the industry continued to flourish.
Within the UK, 45% of the entire population had gambled online between 2009 and 2010, with the industry there climbing to an astounding £1.9 billion in 2010. On the other hand, the EU market took home a value of €22.2 billion in 2018, accounting for 49.2% of the entire global market.
The gift that keeps on giving
At the moment, the online gambling global market holds a worth of $66.7 billion, with no indication of slowing down. If the industry continues on this path, Grand View Research Inc estimates that by 2027, the market will reach an unprecedented $127.3 billion.
With the increase in digitization across the board and the effect of the COVID-19 pandemic, the business seems to be getting stronger. The more the world turns to the online space, the more the online gambling industry flourishes.
Changing with the times
Through its brilliant ability to foresee the changes that the world’s economy goes through over the years, the online gambling industry has been able to adapt accordingly and take advantage of the trends of the time to capitalise on its profits. Its impressive growth every year is admirable and, given its strong foundations, will continue to bloom as the years go by. Being one of the internet’s greatest success stories, we can’t wait to see what lies in store for this business and how it will continue to evolve to suite the economic and global shifts that are yet to come.
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